Question:
How can I stop a foreclosure sale date?
Answer:
You can’t really stop a foreclosure sale date, but can only postpone it. The outcome depends largely on each lender or servicer, but your sale date will definitely not be postponed without a viable and workable laon modification or short sale already in progress. Even then, postponement is never guaranteed. Preseverance and patience are needed in the postponement process.
While I have worked with a few servicers and lenders who will automatically postpone a pending sale date with a workable short sale or modification, that is rare. Most lenders/servicers require that a request be placed to postpone the sale date. Each lender/servicer has different criteria for these requests.
Bank of America, for example, requires a “request to postpone” be called in no more than five days before a sale date. Contact your specific lender/servicer as soon as you receive the forecosure notice on your door (it will also be mailed with signature required) to get detailed information about the foreclosure process for your sale.
Once you have requested a postponement of the sale date, keep checking with the lender/servicer and the foreclosure company — a law office — every day, but don’t be annoying or angry. Be particularly watchful about the process if you haven’t yet been assigned a closing negotiator, as the negotiator is the one who would request the postponement. The foreclosure company can’t act to legally postpone the sale date until the lender/servicer requests the postponement. Once requested, it takes minutes to postpone the sale date. Continually check with both parties to be sure they are each doing their jobs.
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Send a message to Beth Elstien in the comments section below and she will try and find an answer for you!
Nice article. Information is right on. One thing I would add is if your talking to someone at the bank that is not helpful at all, try hanging up and calling back to get a new person. Sometimes it just depends on who your talking to.
I agree. Unfortunately banks are just not willing to extend loans any longer. I think that they know unless someone can come up with some quick cash, the best thing for them to do is foreclose and get the home back on the market. With today’s market in many areas they will be stuck with the property for some time.